Excellent.
The superficial moral-hazard argument (CDS should be paid out because otherwise who would buy risky debt?) assumes an insurance function. But the correlation between ownership of greek debt and cds is probably not strong, and unknowable by design. So... Fuck'em on that criterion.

The ontological criterion (CDS should be paid because there has been a credit event) is apparently unclear; and since there is a liquid market, it can be presumed that current owners are aware that it was always going to be a crapshoot. So... Fuck'em on that criterion.

It is rightly acknowledged that people of faith have no monopoly of virtue
- Queen Elizabeth II